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What is difference between insurance policy and insurance product?
Wiki User
∙ 8y ago
Basically both are same. Even technically they are called insurance policy bonds also.
Wiki User
∙ 7y ago
An insurance policy is a legal contract between the insurer and the insured, outlining the coverage provided and terms of the agreement. An insurance product refers to the specific type of insurance being offered, such as auto, home, or life insurance. In simpler terms, a policy is the legal document you receive after purchasing an insurance product.
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What are the difference between the Insurance policy and insurance certificate?
The insurance policy is the product you have purchased, it has lots of definitions, clauses and limitations. The insurance certificate is issued to you so that you can prove to a third party (eg the police if it is for auto insurance) that you have a valid insurance policy.
What is the difference between term and whole life insurance if there is any?
The difference between term life insurance and whole life insurance is that a term policy covers the insured for a "term of years" whereas a whole insurance policy covers the insured for the entire life period.
What is the difference between a Proposer and the Insured?
the difference between a proposer and the insured is that a proposer is a person or an entity who is seeking insurance and an insuerd is someone or an entity covered by an insurance policy
What is the difference between a health insurance plan and a health insurance policy?
There is no difference. These are just two different terms referring to the same thing.
What is the difference between exclusions and endorsements in an insurance policy?
endorsements are simple exclusions arent.
What is the difference between insured and insurer?
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
What are the difference between the marine Insurance policy and insurance certificate?
A Marine Insurance Policy is the actual contract of insurance between the insurer and the insured. Most of these policies are what is being referred to a Open Marine policies which means that the policy covers many shipments under one policy. An insurance certificate is issued for a particular shipment that the insured declares under the Open policy. The insured does not issue a policy for each individual shipment.
What is the difference between an H3 and H5 Homeowners Insurance Policy?
If I knew the difference of an H3 and H5 I would not be asking the question.
What is the difference between a health insurance subscriber and a health insurance member?
The Subscriber is the policy holder. A member is anyone covered under an insurance plan.
Is there a difference between tenants policy insurance and renters insurance?
They are both the same thing. They cover your personal belongings and liabilty protection.
Difference between subscriber and members for health insurance?
The Subscriber is the policy holder. A member is anyone covered under an insurance plan
What is the difference in renter and landlord insurance?
The diiference between landlord & renters insurance is that landlord insurance is a policy that covers property owner from financial losses with their property.Renters insurance is policy that cover the renter from financial losses or personal items.
